India becoming important players on global map: Bernanke

On his first visit to Reserve Bank of India, Ben Bernanke, chairman of US Federal Reserve, signalled close interaction between regulators as India becomes important player on global stage.

He termed his discussions with the Reserve Bank Governor and others as "very worthwhile".

In a brief statement to media after his interaction with RBI top management, Bernanke said ‘We discussed policy challenges in both the united states and India”

Besides banking issues of mutual interest, the global economy, monetary policy and regulatory policy also figured prominently in the discussions.

Bernanke said “India is clearly becoming more and more important player on the world stage, in the G-20 context in terms of the global economy. It is very useful for us exchange ideas and to build the basis for future collaboration and coordination”.   

RBI Governor D Subbarao highlighted the shortcomings of the quantitative easing policy and its impact on emerging markets in his meeting with the Fed chief.

"There has been criticism from some emerging markets alleging that the excess liquidity unleashed by QE is fuelling volatile capital flows, asset bubbles and inflation and also spiking up commodity prices," he said in the welcome remarks. He added that as a central bank RBI empathizes with the Fed's concerns.

Bernanke, along with US treasury secretary Timothy Geithner had a luncheon meeting with RBI top officials. Before visiting Mint Street, both met the captains of India Inc at meeting by organised by Industry chambers.